BNB price long-term prediction: Bearish

The Binance Coin market has displayed weakness since late June, but saw a nice price surge in the last 2 days, reaching as high as $18. As shown on the daily chart, the price is still eroding bearishly inside the channel formation, although the market is now out of the two-week consolidation phase following accumulation at $15.

While priced at $17.2, BNB bulls may continue to reinforce the price at $18.5 and $19.7, corresponding with the 50-day moving average (white) and the wedge's resistance. A break upwards could lead BNB to touch $22.4.

Meanwhile, the volume on the daily chart signals that the bears are running out of momentum.

The 8th largest cryptocurrency is now facing tough resistance at the RSI's mid-band after producing a good bullish crossover, revealing the recent slight drop in price. Should the Stochastic RSI plays bearish, the market could drop heavily to $15, $14.3 and $11.9. However, there's still hope for the bulls while relying on the $15 support.

BNB price medium-term prediction: Bullish

Yesterday, the BNB market broke out of a tight range after witnessing a strong bullish commitment to trading activity. The token left a long consolidation phase and is now trading above $16 and, relying on the 50 moving average line (white).

Binance Coin is now subdued with choppy price action after meeting resistance at $18, an indicator for a retest at $16. Should we see another surge, $19 may produce resistance for the next exit point for the bulls.

The Stochastic RSI is already pulling towards the oversold region, suggesting an incoming price drop. The RSI has just seen a bearish cross. However, it's important to keep an eye on the yellow lower trend line for a breakdown and the upper yellow trend line for a break upwards. For now, the buyers are still in play.

BNB price short-term prediction: Bullish

Following the October 7 cross above the 50 moving average (white), Binance Coin is now shaping inside a rising channel. The price is currently dropping after BNB was turned away at the channel's resistance earlier today. For now, the price is likely to hold at the channel's support, setting the stage to a bounceback to $17.5 and $18.

Meanwhile, the RSI indicator is diverging in a bearish manner. A channel break-down may send the BNB price to $16, $15.5 and $15. The hourly Stochastic RSI now suggests a weakening momentum in the BNB market

Conclusion

The recent buying pressure has brought the BNB market out of its indecisive stage after a bullish break during yesterday's trading. Against Bitcoin, the price has seen sharp ups and downs over the last few hours with the current price at 20,289 satoshis. Meanwhile, the 50-day moving average has remained a significant resistance line for the market across the BNB trading pairs.